HudBay Minerals Inc. (HBM) Stock Rating Upgraded by Zacks Investment Research
HudBay Minerals Inc. (NYSE:HBM) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Wednesday. The brokerage currently has a $4.25 target price on the mining company’s stock. Zacks Investment Research’s price objective would indicate a potential upside of 10.68% from the company’s current price.
According to Zacks, “HudBay Minerals Inc. is a mining company and engages in discovery, production and marketing of base metals in North and Central America. It owns zinc and copper mines, concentrators and metal production facilities in northern Manitoba and Saskatchewan, zinc oxide production facility in Ontario, copper refinery in Michigan and nickel project in Guatemala. In addition to its primary products, zinc and copper, HudBay also produces gold, silver and zinc oxide. HudBay Minerals Inc. is headquartered in Toronto, Canada. “
A number of other research firms also recently weighed in on HBM. RBC Capital Markets reissued an “outperform” rating and issued a $8.00 price target (up previously from $7.50) on shares of HudBay Minerals in a research note on Wednesday, August 3rd. BMO Capital Markets raised HudBay Minerals from a “market perform” rating to an “outperform” rating and set a $7.00 price target on the stock in a research note on Thursday, September 29th. Credit Suisse Group AG downgraded HudBay Minerals from an “outperform” rating to a “neutral” rating in a research note on Thursday, July 28th. Scotiabank reaffirmed an “outperform” rating and set a $8.00 price objective on shares of HudBay Minerals in a research note on Thursday, July 28th. Finally, TD Securities reaffirmed a “hold” rating and set a $7.50 price objective on shares of HudBay Minerals in a research note on Thursday, August 4th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have given a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $7.04.
HudBay Minerals (NYSE:HBM) opened at 3.84 on Wednesday. HudBay Minerals has a 52 week low of $1.56 and a 52 week high of $6.02. The firm has a 50-day moving average price of $4.09 and a 200-day moving average price of $4.32. The stock’s market cap is $907.13 million.
HudBay Minerals (NYSE:HBM) last posted its quarterly earnings results on Wednesday, July 27th. The mining company reported ($0.02) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.05 by $0.07. The company earned $247 million during the quarter, compared to analyst estimates of $249.18 million. HudBay Minerals had a negative net margin of 26.09% and a positive return on equity of 0.50%. The business’s revenue for the quarter was up 63.7% compared to the same quarter last year. During the same period last year, the company earned ($0.24) EPS. On average, equities research analysts predict that HudBay Minerals will post $0.07 EPS for the current year.
The business also recently disclosed a semiannual dividend, which was paid on Friday, September 30th. Stockholders of record on Friday, September 9th were issued a $0.0076 dividend. This is a boost from HudBay Minerals’s previous semiannual dividend of $0.01. The ex-dividend date was Wednesday, September 7th. This represents a dividend yield of 0.3%. HudBay Minerals’s dividend payout ratio (DPR) is presently -1.63%.
Several institutional investors have recently made changes to their positions in the stock. Greystone Managed Investments Inc. bought a new position in shares of HudBay Minerals during the second quarter valued at $5,986,000. BlackRock Fund Advisors boosted its position in shares of HudBay Minerals by 1.1% in the first quarter. BlackRock Fund Advisors now owns 49,772 shares of the mining company’s stock valued at $183,000 after buying an additional 535 shares during the last quarter. CIBC World Markets Inc. boosted its position in shares of HudBay Minerals by 73.8% in the first quarter. CIBC World Markets Inc. now owns 214,342 shares of the mining company’s stock valued at $789,000 after buying an additional 90,982 shares during the last quarter. PineBridge Investments L.P. boosted its position in shares of HudBay Minerals by 16.2% in the second quarter. PineBridge Investments L.P. now owns 65,773 shares of the mining company’s stock valued at $406,000 after buying an additional 9,160 shares during the last quarter. Finally, Global X Management Co. LLC boosted its position in shares of HudBay Minerals by 19.4% in the second quarter. Global X Management Co. LLC now owns 261,815 shares of the mining company’s stock valued at $1,244,000 after buying an additional 42,479 shares during the last quarter. Institutional investors own 66.87% of the company’s stock.
About HudBay Minerals
HudBay Minerals Inc is a Canada-based mining company. The Company is engaged in the production of copper concentrate, consisting of copper, gold and silver, as well as zinc metal. The Company is focused on the discovery, production and marketing of base and precious metals. The Company has assets in North and South America.
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